Founded in 2018 by brothers Yuval Man (CEO) and Amit Man (CTO specializing in AI), DigitalOwl operates with a team of 70 professionals across Israel and the United States. This fresh infusion of capital is earmarked for expanding the workforce and recruiting new talent.
The investment marks the initiation of a long-term global partnership between DigitalOwl and RGA, with strategic plans to integrate DigitalOwl’s state-of-the-art technology into RGA’s systems. This collaboration aims to propel platform development, providing mutual benefits to both entities. With this latest funding, DigitalOwl’s total funding now exceeds $38 million since its establishment.DigitalOwl addresses a crucial need within the insurance sector, streamlining and enhancing the speed of medical document analysis and case summarisation.
Presently, manual reviews of vast numbers of medical cases are time-consuming and prone to errors. DigitalOwl’s technology employs automated reading, summarisation, and analysis of medical records, offering insurance companies real-time, accurate support in underwriting, claims settlement, and fraud prevention processes.
The platform uses artificial intelligence and natural language processing (NLP) to automatically analyze medical documents. In 2023, DigitalOwl introduced a groundbreaking Generative AI model tailored for insurance-based medical case analysis. This model generates case summaries, documents, and medical events in an unrestricted language, capturing nuanced details essential for decision-making. Unlike previous technologies limited to medical codes, the new solution extracts context, distinguishing between different causes of medical conditions.
Looking ahead to 2024, DigitalOwl plans to launch the industry’s inaugural insurance policy underwriting engine based on its self-developed Generative AI engine. This transformative solution mirrors decision-making processes for organisations and policyholders, offering detailed reports with a simple click. RGA’s involvement includes providing experienced actuaries, claims adjusters, and legal experts to contribute to the development process, ensuring compliance with evolving AI usage regulations. DigitalOwl’s innovative approach is poised to revolutionise insurance underwriting, promising streamlined processes and improved accuracy industry-wide.
Speaking about the fund raise, Yuval Man, CEO of DigitalOwl, said: “The strategic investment and global partnership stems from a 500% growth we experienced in the life insurance field last year. Our technology already addresses the inefficiencies that have plagued life insurance underwriting for decades. Now, closely collaborating with RGA, we aim to drive the necessary digital transformation in the industry. We strongly believe in collaborations with leading organisations in our target market.”
